the law would make the home of the u.s. auto industry the 24th right-to-work state banning mandatory unions. >>> a facebook post back on july 3rd leading to a wells notice for the ceo of netflix. the stock took a hit after hours. joining us on the "squawk" news line, the managing director of equity research at webbush securities. you have a very different analysis. you said it should have been an 8k and the information of a billion hours, that that was material? >> i think -- yes, on both of those. i think that reed is defining public the way noah webster defined public, and unfortunately webster doesn't run the s.e.c. the regulations are pretty clear and they specify the manner in which you can make public dissemination of material information and facebook just isn't one of those. >> so we're wrong, then, we have been under the impression that a ceo could come on cnbc and release nonpublic information and that would be okay because we're public. you think the only way to do it is an 8k? >> there's a specific rule for news